Monday, November 20, 2023

5-building Bala Plaza complex sells for $185M; buyer to move forward with redevelopment plan

 By Paul Schwedelson – Reporter, Philadelphia Business Journal

FLD Group and the Adjmi family have acquired the Bala Plaza office complex from Tishman Speyer for $185 million and will move forward with an already approved redevelopment plan for the Bala Cynwyd property.

The transaction is one of the largest multi-tenant suburban office sales in the country this year, according to the buyers.

Bala Plaza’s 1.1 million leasable square feet of space is spread across four towers — One Bala Plaza, Two Bala Plaza, Three Bala Plaza East and Three Bala Plaza West — as well as a freestanding Saks Fifth Avenue department store off City Avenue near Monument Road, less than a mile from I-76.

New York-based Tishman Speyer acquired the property in 2004 from GIC Real Estate as part of a $1.85 billion deal for a larger 7.3 million-square-foot portfolio that included 12 office buildings in eight cities.

The buyers plan to follow through on redevelopment plans for the 61.4-acre Bala Plaza site previously put forth by Tishman Speyer. The master plan, which was recently approved by Lower Merion Township, features 2.1 million square feet of new development with multiple retail sites, a 168-room hotel, approximately 750,000 square feet of office space, and 750 residential units.

“The ownership group is committed to being thoughtful stewards of one of the region’s most prestigious assets and sees tremendous value in the future of Bala Plaza and of Bala Cynwyd as a whole,” FLD Group and the Adjmi family said in a statement to the Philadelphia Business Journal. “They are confident in their ability to execute the vision to create an experiential live work play campus.”

Eatontown, New Jersey-based FLD Group also owns an office building at 150 Monument Road, just north of the Bala Plaza property, and has increased its Philadelphia market presence in recent years. It bought 45 Liberty Blvd., a 136,977-square-foot office property in Malvern's Great Valley Corporate Center, for $36.3 million in 2021. Two years prior, FLD Group paid $15.5 million for 100 Deerfield Lane, a 91,190-square-foot office building also located in the Great Valley Corporate Center.

Full story:

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.